Oregon lawmakers are considering several bills that would scale back last year’s approved business tax hikes or even get rid of them completely.
Oregon lawmakers are considering several bills that would scale back last year’s approved business tax hikes or even get rid of them completely.
Lessening the effects from Measure 67 is a top priority for Republicans, who gained seats in Salem in the November 2010 elections.
But the GOP hopes there’s enough support for smaller changes like exempting coops from certain tax hikes or eliminating a provision that taxes revenue, not profit, for some businesses. The House Revenue Committee on Wednesday discussed complaints about the structure of business taxes in Oregon.
The new gross receipts tax is a 0.1 percent levy on certain types of businesses that earn more than $500,000 in annual Oregon revenue. Opponents say the definition of Oregon revenue is too broad and can require businesses to pay taxes on work for out-of-state clients.
They also say the gross receipts tax ignores the amount of profit a business actually makes, penalizing low-margin corporations that take in a lot of revenue but also pay out high costs. It’s particularly challenging, they argue, for coops such as groups of farmers that band together to sell their crops.
Read more at Bloomberg.
{biztweet}measure 67{/biztweet}
